CALGARY, Nov. 21, 2012 /CNW/ - The Alberta Securities Commission (ASC)
has ordered that Westside Land Corporation and David Brezsnyak,
together or separately, pay an administrative penalty of $100,000 and
costs of $6,000 after admitting to illegal trading and distribution of
securities. An ASC panel also banned Westside Land Corporation and
Brezsnyak from using all exemptions under Alberta securities laws for
one year. The ASC panel further ordered that any trade of the
already-issued securities be deemed be a distribution, therefore
limiting their resale.

The ASC panel made the ruling after Westside Land Corporation and
Brezsnyak had earlier acknowledged that they breached Alberta
securities laws by selling undivided interests in land and corporate
shares without filing a prospectus, registering with the ASC to trade
in securities, or determining if exemptions were available. The ASC
panel found that the respondents "were extremely
cooperative...throughout the investigation and enforcement hearing
process" and "took immediate steps to comply with Alberta securities
laws" once alerted to ASC staff concerns.

The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and
efficient capital market in Alberta and to protect investors. As a
member of the Canadian Securities Administrators, the ASC works to
improve, coordinate and harmonize the regulation of Canada's capital
markets.

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